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Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2023
Debt Credit Facilities  
Debt and Credit Facilities Debt and Credit Facilities
Short-term borrowings and current maturities of long-term debt consisted of the following:
In millionsSeptember 30,
2023		December 31,
2022
Debentures with put feature$340.8 $340.8 
4.250% Senior notes due 2023
— 699.7 
Other current maturities of long-term debt7.5 7.5 
Total$348.3 $1,048.0 
Commercial Paper Program
The Company uses borrowings under its commercial paper program for general corporate purposes. The maximum aggregate amount of unsecured commercial paper notes available to be issued, on a private placement basis, under the commercial paper program is $2.0 billion. Under the commercial paper program, the Company may issue notes from time to time through Trane Technologies HoldCo Inc. or Trane Technologies Financing Limited. Each of Trane Technologies plc, Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Lux International Holding Company S.à.r.l., Trane Technologies Global Holding Company Limited, Trane Technologies Company LLC provided irrevocable and unconditional guarantees for any notes issued under the commercial paper program. In addition, Trane Technologies HoldCo Inc. and Trane Technologies Financing Limited provide irrevocable and unconditional guarantees for any notes issued by the other. The Company had no outstanding balance under its commercial paper program as of September 30, 2023 and December 31, 2022.
Debentures with Put Feature
At September 30, 2023 and December 31, 2022, the Company had $340.8 million of fixed rate debentures outstanding which contain a put feature that the holders may exercise on each anniversary of the issuance date. If exercised, the Company is obligated to repay in whole or in part, at the holder’s option, the outstanding principal amount of the debentures plus accrued interest. If these options are not exercised, the final contractual maturity dates would range between 2027 and 2028. Holders of these debentures had the option to exercise the put feature on $37.2 million of the outstanding debentures in February 2023, subject to the notice requirement. No exercises were made during the nine months ended September 30, 2023.
Long-term debt, excluding current maturities, consisted of the following:
In millionsSeptember 30,
2023		December 31,
2022
7.200% Debentures due 2023-2025
$7.5 $14.9 
3.550% Senior notes due 2024
499.2 498.7 
6.480% Debentures due 2025
149.7 149.7 
3.500% Senior notes due 2026
398.7 398.4 
3.750% Senior notes due 2028
547.2 546.8 
3.800% Senior notes due 2029
746.3 745.8 
5.250% Senior notes due 2033
693.1 — 
5.750% Senior notes due 2043
495.4 495.2 
4.650% Senior notes due 2044
296.5 296.4 
4.300% Senior notes due 2048
296.6 296.4 
4.500% Senior notes due 2049
346.1 346.0 
Total$4,476.3 $3,788.3 
Issuance of Senior Notes
In March 2023, the Company, through its wholly-owned subsidiary Trane Technologies Financing Limited, issued $700.0 million aggregate principal amount of 5.250% senior notes due 2033. The notes are guaranteed by each of Trane Technologies plc, Trane Technologies Global Holding Company Limited, Trane Technologies Lux International Holding Company S.a.r.l., Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Company LLC and Trane Technologies Holdco Inc. The Company has the option to redeem the notes in whole or in part at any time prior to their stated maturity date at redemption prices set forth in the indenture agreement. The notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations. The net proceeds from the offering were used to fund the redemption of the $700.0 million aggregate principal amount of the outstanding 4.250% senior notes due June 2023.
Other Credit Facilities
The Company maintains two $1.0 billion senior unsecured revolving credit facilities, one of which matures in June 2026 and the other which matures in April 2027 (collectively, the Facilities), through its wholly-owned subsidiaries, Trane Technologies HoldCo Inc., Trane Technologies Global Holding Company Limited and Trane Technologies Financing Limited (collectively, the Borrowers). The Facilities include Environmental, Social, and Governance (ESG) metrics related to two of the Company’s sustainability commitments: a reduction in greenhouse gas intensity and an increase in the percentage of women in management. The Company's annual performance against these ESG metrics may result in price adjustments to the commitment fee and applicable interest rate.
The Facilities provide support for the Company’s commercial paper program and can be used for working capital and other general corporate purposes. Trane Technologies plc, Trane Technologies Irish Holdings Unlimited Company, Trane Technologies Lux International Holding Company S.à.r.l. and Trane Technologies Company LLC each provide irrevocable and unconditional guarantees for these Facilities. In addition, each Borrower will guarantee the obligations under the Facilities of the other Borrowers. Total commitments of $2.0 billion were unused at September 30, 2023 and December 31, 2022.
Fair Value of Debt
The fair value of the Company's debt instruments at September 30, 2023 and December 31, 2022 was $4.5 billion and $4.6 billion, respectively. The Company measures the fair value of its debt instruments for disclosure purposes based upon observable market prices quoted on public exchanges for similar assets. These fair value inputs are considered Level 2 within the fair value hierarchy. See Note 8, “Fair Value Measurements” for information on the fair value hierarchy.